I started looking at houses again last month but re-sales this time. The area we want to move into ( same town we were originally building in) has a lot of competitively priced re-sales b/c there are a lot of new home builders in the area as well. Along with the market still being kind of crappy your money can go a long way in Kent County DE.
Well in my searches I stumbled upon this gem... Kind of by accident. I had seen it online and thought about requesting a showing but I knew that w/ no stove we could not buy this house w/ an FHA loan. Somehow when we made our appt's to go see some other properties I transposed this house w/ another MLS listing and we actually saw this house by mistake ( a great mistake that was)
In our research we found out that this is a Ryan Homes "Victoria" Model... the new version of this is the Victoria Falls (click the link and check out the virtual tour)
It is a bank owned/REO property that is selling for A LOT less than market value (even in this market) With that being said it needs work! The previous owners got foreclosed upon and took almost EVERYTHING with them before they left. When I say everything I mean, they gutted the entire kitchen cabinets, oven, refrigerator everything, took all toilets but 1 out of the house, took all of the interior doors, "forcibly removed" the central air units ... they even took the deck!
BUT... even with all of that said the house is still a very nice house. So we decided to look into the 203K Rehab loan program to see how we could work rehabbing the house into our mortgage. Well looking into turned into applying for/getting pre approved. Within 2 weeks of 1st seeing the house in person we went ahead and put an offer in on it. After a little back and forth from the bank we are now under contract for this house !!!!! The best part about it is, even after we do our $30k reno job we will still be paying about $225 LESS per month than we would have for the Venice.
So stay tuned as we embark on this new adventure... Instead of "Building our Venice" we are now "Renovating our Victoria"
Congrats! I can't wait to see the renovations!
ReplyDeleteThank you! We have 45 days to close so our loan officer is estimating March 15th and then the fun begins after that =-)
DeleteWOW, congrats!! Everything happens for a reason.
ReplyDeleteThank You =-)
ReplyDeleteCongratulations! Things have a way of working out, so happy for you all.
ReplyDeleteThis is awesome and a great investment!!!!
ReplyDeleteWhat do you plan to do with the home after the reno?
It will be our primary residence after reno ( I don't know if you read the previous post about the venice falling through). So it was a super blessing that it was on the market when we needed it to be and for such a great price.
DeleteNow that is a reminder that when we leave it to God his dreams are always BIGGER than our own. So elated for the two of you. And by the way, we wanted to buy the Victoria Falls first, but could not afford it. It is a beautiful home. I can't wait to see how you and your hubs make it into your very own!
ReplyDeleteThank You everyone =-)
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